Johnson Electric is to acquire the Stackpole International group of companies for US$608m.

Stackpole is a supplier of engine and transmission pumps, as well as powder metal components, primarily for automotive applications.

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The Ontario-headquartered company has a 109-year history as a supplier of components to the automotive industry and employs more than 2,000 staff, with nine manufacturing facilities located in North America, Europe and Asia.

Since its carve-out from the Gates Corporation of Canada in 2011, Stackpole has been under private equity control and is presently owned by SI Investors, a limited partnership majority owned by Crestview Partners.

Stackpole’s consolidated revenues for the year ended December 31, 2014 were C$487m (US$371m), excluding sales from its 30%-owned non-consolidated joint venture in Korea and China.

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Around 80% of its consolidated sales were made to customers based in North America.

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Stackpole’s 2014 normalised earnings before interest, taxes, depreciation and amortisation or EBITDA, amounted to C$82m including a proportional share of EBITDA from its non-consolidated joint venture business.

“We identified pumps and highly-engineered components as strategic priorities for Johnson Electric to strengthen our position as a supplier,” said Johnson Electric chairman and chief executive, Patrick Wang.

“Acquiring Stackpole’s oil pump technology and powder metal expertise is a fit that will enable us to provide integrated motorised pump solutions to customers in a rapidly growing market segment within the automotive industry.

“In addition, the acquisition will significantly increase our exposure to the North American automotive market, which is presently experiencing strong demand, as well as provide longer term growth platforms in Europe and Asia.”